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. when we return, a new tax reform plan. ♪ >> welcome back. we are joined by kevin brady of texas. the ranking republican member on house ways and means. dave camp, with your support, there is any chance the house will vote on it this year? >> i don't know the timing on a vote. the timing to lay down the track is long overdue. it is dragging our economy down. it is unfair. someone, sometime had to lay down that first top to bottom rewrite. >> you have done in an admirable way. is there any chance the house will vote on it? >> i think it depends upon how it moves. the members in our conference are very interested in fixing this broken code. we have lots of segments of industry are weighing in a big way. >> doesn't this proposal set the predicate in many ways for any subsequent tax on wealthy banks? that has to be a part of any future package. >> this is important because it takes a big step. you have the conversation with specifics on the tax code. again, it really is how this is received. how groups weigh in. how members feel about it. at the end of the day we want the most pro-gr
for everyone else. there is no mechanism to collect the fee for that. the tax. they have to file a tax return in order for the irs to get their money. a lot of 18-year-olds aren't getting jobs, the system is in trouble because of this. >> if the uninsured don't want this, if they don't boy into it, who will pay for it? sit us? >> exactly. we will end up footing the bill. the problem. the catastrophe was it is a bill that is an abiz malfailure. i'm trying to look at the bright spots of this. where is the good stuff? but again and again i encounter, quite honestly lies. look, a couple i assembled, annual premium savings of $2,500 per family. >> that is not going to happen. government accountability office says it will increase the deficit $6.2 trillion. if you like your doctor, you can keep your doctor. let's not go there. insure the uninsured. no. the ceo says the 75 million will still be uninsured. finally, brenda. we talked about approval. forget all that. the american public doesn't want it. 92% want to change this or appeal it. we have a law that has absolutely no benefits the public doesn
the new tax reform plane is good. the ukraine debacle, and margaret carlson debates the political pull of bill clinton. >> we begin the program with the longest serving member of congress -- ever. served with 11 presidents. it is a privilege to have john dingell. thank you for being here. >> god bless you. you still call me john. >> you have revered the institution. what reforms would you make? >> one is the nasty partisanship. it shouldn't be that way. the congress means the coming together. the great assemblage of the american people. all of the business has been moved into the office of the speaker. newt gingrich started that. it gave them control over the then congress. they had the control they wanted to run the place they wanted. >> you would return that? >> you bet i would. >> but with the money in politics, the 24 hour news cycle, do you worry that rather than a temporary cycle, this may be a condition for a long time? >> i am afraid that it is so. i am very much afraid that the congress will never be able to go back. you mentioned the other problems we have. 24-hour news cycle
right back. the tax man and ways and means committee chairman dave camp. congressman mike turner joins us next. ceo and chairman richard smith joins us tonight. mine was earned in korea in 1953. afghanistan, in 209. orbiting the moon in 1971. [ male anuncer ] once it's earned, us auto insurance is often handed down from generation generaton. because it offers a superior evel of protecon. and because usaa'commitment to serve current and former military members andheir families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to see. coach calls her a team player. she's ind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls itogistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. them. which will cause me to miss the end of the game. the x1 entertainment operating system lets your watch live tv anywhere
class as well. it would probably work. but it is a huge controversy from the taxes. ... thank you for taking my call. independent because most of us americans have caught onto the big blame game. , andeach blame each other basically they are on the same team. they have different ways to go about it. my main problem is the epa. we are giving him close to $8 million, and it'll do nothing for us. they let the fracking industry go unregulated, they let solar management go unregulated. they are spraying our skies, trying to dim the sun to fight global warming. nobody knows about it. 02 global sky watch and you can find out all aut i i o knowre i i want to know where is the epa protecting us from this, his name is david frum nasa and he wants to spray and he has been spraying our sunlight dependent. >> host: zachary goldfarb, i know you don't cover epa specifically but the president, climate change is part of the agenda this year. >> guest: that's right and the president is putting money into funding and he proposes billions of dollars for climate research and for related endeavors. epa
right back. the tax man and ways and means committee chairm ave camp. congressman mike turnejoins us next. ceo and chairman richard smith oins us lou: on wall street, stocks were modestly higher. the s&p up, the nasdaq was four. crude oil is up 76 cents in gold prices down $15 settling at $13.28. the ten-year down 2.67%, staying within a very stable range. target shares up 7%. retailerand its data brch, costing 61 millionand could extend also. and carl ichan being blamed for dysfunctional leadership in a new letter to shareholders. has he overstepped? some would say perhap yes. we will find out. be sure to listen to my financial reports the three times a day on thee aol radio network for all of the biggest market and business news. chairman dave camp revealing his proposal that the republican leadership is trying to downplay d distance themselves from that pla. congressman mike turner is a member of the house oversight and armed rvices committee. as indiscreet have youith us. when we start with tax reforms. >> he has worked very diligently to put this together. we need to make sure t
an expansion in the earned income tax credit. the proposal that you heard discussed that was -- we put out some details yesterday on would be the first major expansion of the earned income tax credit for people without dependent children since 1993. it would address so many policy issues that people have raised from house to encourage younger people to encourage work, help people with disabilities get back into the work force, and ensure that more people with the combination of the earned income tax credit, minimum wage don't work full-time and live in poverty or raise any family members in poverty. the president -- this is an important progression. 20 years ago there were 1.4 million americans being pulled out of poverty because of the earned income tax credit or similar refundable tax credits. today it is 10 million. that is one of the major progressive agreements in which the president has furthered both in his 2009 budget and then extending those refundable tax credits in both 2010 and 2012 up for the next five years, and he calls for them to be permanent in his budget. what this would do i
to hear before turning in your taxes. and.... the company that orchestrated the most famous re-tweet ever... first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's wednesday, march 5th i'm angela miles. in today's first look: the s&p rises to a new record high as the standoff between russia and the ukraine becomes "less tense". it's the 49th record set by the index. the dow- also had a positive reaction jumping 228 points, the nasdaq 75 and the s&p 28 gold scaled back $15 dollars and oil.. $1.63. caterpillar's ceo says he is guardedly optimistic about the global economy...which added into the buying blitz on wall street. and the power of the plug. yesterday we told you about the fuel cell stock plug power that surged 24% monday well on tuesdays it rallied 15% more.. trader daniel stecich of athena advisor services joins us now. there was a collective sigh of relief in the market yesterday but will that continue? >>i think it will. you have to put what happened in russia behind us and if you look at what happe
-- it would allow americans to remain uninsured through tax season. without a fine. the fine skill up in subsequent years in order to encourage people to join the health insurance pool. republicans are arguing that the obama administration has given breaks to businesses that would have been required to provide health insurance to their employees. republican said that is unfair that individuals will be fined when employers will not be fined. >> the white house plans to announce further delayed some other parts of the wall. what are you hearing? >> what we expect this week is for the white house to actually allow insured companies to continue to offer plans that do not meet obamacare's minimum coverage requirements for the next couple of years. it will be a major delay for the white house, when they announced this. what it will do is allow insurance companies to continue selling policies that otherwise would have been disqualified under obama's rules for minimum health-care coverage. a policy that does not have maternity care or pediatric care or mental health services included could co
too much, borrows too much, and taxes too much. it reflects says america's priorities to create jobs, strengthen the middle class, and build an economy that creates opportunity for all. went to theell floor yesterday and talked about the president's budget proposal. he said it is not a serious document. [video clip] >> it will probably never past the democratic led senate. in some sense, that is the point. rather than put together a constructive blueprint both parties could use to get the economy moving, the president is opting for the political stunt for a budget that is more about andng up the base in election-year. it would increase taxes by over $1 trillion in the worst economic slowdown anyone can remember. it would explode spending by $790 billion, forcing us to borrow more money. it would do almost nothing to threatsthe serious facing our children's futures and does not come close to balancing this year. mitch mcconnell talking about the 2015 budget proposal. congress will take up budget proposals and will decide what gets spent. "the washington post" tweeted this -- it would
chairman steve forbes and roy hewitt will go on the tax reform plan. >>> and mayor bill de blasio acting like a sandanista. shutting the door on three charter schools and hundreds of kids in new york city. american parents see charter schools as the only way out of poverty for their kids and mostly minority kids at that. we will have the latest on that. meanwhile don't forget free market capitalism is the best path to prosperity. economic freedom and democracy may be at stake in the ukraine. that's why it's important. i'm kudlow and we'll be right back. vo: once upon a time there was a boy who traveled to a faraway place where villages floated on water and castles were houses dragons lurked, giants stood tall, and the good queen showed the boy it could all be real. avo: whatever you can imagine, all in one place. expedia, find yours. anbe a name and not a number?tor scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't tr
fire from liberals and conservatives. >>> a serious proposal to overhaul the tax code the first time in more than 25 years. is there any hope for congressional action this year? >>> and the pentagon proposes to slash the army to its smallest size in almost 75 years. how risky are the cuts for american security? >>> welcome to the journal editorial report. i'm paul gigot. new questions about the investigation into the irs targeting of conservative groups. with the house subcommittee holding hearings and just how seriously the department of justice is taking its probe. this as liberal groups like the aclu and sierra club join conservative counterparts in voicing opposition to a new irs rule aimed at further restricting political speech. for more on both developments, i'm joined by "wall street journal" columnist and deputy editor dan henninger, kim strossel. what did we learn about the state of the justice probe such as it is? >> well, they had a number of legal experts appear before the house oversight committee. it was a pretty depressing recounting. this seems to be a farce. you hav
back. stay with us. thinking up game-changing ideas, ke this: dozens of tax free zones across new york state. move here. expand here. start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax fr plan. there's on one way for yo business to go. . lou: all day, fox business has been focused on the business of boomer retirement. a survey shows it is out of reach for far too many americans, 58% of workers, age 60 and older have to put off their retirement. mostly because of financial reasons, good news that down from a pike of 66 percent in 2020. new fed chair yellen testifying before senate banking committee told them central bank would probably continue to taper while trying to figure out how much research weakness in the economy is because of the see winter weather, market, responding %-posting a new record high,&p. joining us now. chief economist from moody's capital, john lonski, janet yellen seems to have slid into her well rarefied chair, is doing brilliantly it seems. >> i think she is doing very well. market likes her, up 1% for year
for business and capitalism. we'll have a live update in just a few minutes. >>> also supply side tax reform is back. dave camp is going to unveil his new plan tomorrow morning. we'll join us on the "kudlow report" in the evening. we will preview the story tonight. >>> we have the fcc commissioner who blew the whistle on the government's attempt to dictate and bias news stories. now we learn that this government assault may not be over. all those stories and much more coming up on the "kudlow report" beginning right now. >> good evening, everyone. i'm larry kudlow. this is the "kudlow report." we're live at 7:00 p.m. eastern and 4:00 p.m. on the west coast. our top story tonight, will arizona governor jan brewer veto a gay discrimination bill passed by the state legislature. nbc news joins us with the details. good evening. >> reporter: of course the poe opponents call it a religious freedom bill. in any event, governor brewer who is on the spot on this has just returned to arizona after attending a three-day governor's conference in washington. she'll know that the momentum toward a veto ha
up game-changg ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. wi new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com we are thinkers. the job jugglers. the up all-nht and the ones who turn ideas into action. we've made our passions our life's wk. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs whstarted it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're re toelp start yours. lou: a record day on wall street, dow up 74,&p up 9, closing at all-time record high, nazdaq up 2 and cde oil lost 19 cents on the day. gold up $4,. >> yield on 10 year, falling further, down to .64%. -- 2.64%, steers sears stock up more than 6% today. retailer posted tter than expected earnings a nice rprise, and freddie mac will repay the treasury more than $10 billion with total payments no
a huge change to tax cuts. what are they planning? >> this would collapse seven brackets into two brackets for essentially all taxable income, ensuring 99% of taxpayers face maximum rates of 25% or less. specifically, this is how he will do it. theof americans would be in 25% tax bracket. those who are above that would be hit with an additional rates. this would make filing a lot more >>, because instead of seven tax brackets we would be down to two, or i guess at least three. you would have that additional 10% tax for those making over 100 $50,000. moreover, it would end the unequal treatment for the carried interest private equity managers pay themselves. does this plan have legs? we are joined by the american action forum director of fiscal -- gordon, i will start with you. is there a chance we could see something like this get through congress? be great. that would there is a lot of debate out there about how big an effect tax reform could have on it, but i think there is a broad consensus that in general it is universally positive. if you ask anybody out there, should we do s
can. house committee that looked at proposed rules for nonprofit groups seeking tax-exempt status. >> the hearing will come to order. this is the first hearing of the year for our subcommittee. welcome to all the subcommittee members. glad to have you back. a warm welcome to our subcommittee's newest member. he is not here yet. he will be down at the end. we look forward to having him work with us. today the subcommittee will hear from two panels. we will hear about the activities and operations of the internal revenue service. our witness is irs commissioner. welcome to you, sir. we appreciate your return to the service and thank you for taking on this task. we also have russell george and nina olsen. we appreciate the careful and constant oversight of the irs. we have not heard in some time from ms. olsen, so we are especially eager to hear from her. as a matter of house keeping, i will be following the five minute rules for that members. i do not plan on cutting anyone off in the middle of their sentence, but if everyone could keep their questions and comments for when we get t
for spending including new initiatives for early childhood education, job training programs, expanding tax credits, and tax cuts as well. also, new funding for infrastructure. thethese ideas says -- president says is important for getting the economy to move in the right direction. >> it is a roadmap for creating jobs with good wages. at a time where deficit has been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt. >> republicans including john boehner called his budget the most irresponsible yet. they believe this is a campaign move that includes a whole host of issues that democrats like to campaign on on this midterm election year. this budget and the eyes of republicans and some democrats -- they are going to make some big changes. with the president has put the paper will change pretty quickly. >> thank you very much, peter cook. let's move on to media. the big story today was the entertainment network epix is joining the time warner cable family. it will be launched nationally on march 18. joining us to talk about this d
at the president's budget, you see an earned income tax credit. that is being offered by the president as something that should be expanded. if you look at the poverty report monday, he praises the earned income tax credit. republicans have different views. use all marco rubio in the senate talk about killing the program. marco rubio in the senate talking about killing the program. the earned income tax credit, which the president wants to expand, was really a republican proposal a few decades ago. republicans like having people work and having people reported for work. this could be an area where there are twin carried -- tinkering. expand the like to tax reduction for families who have children. republicans have been focusing on this for the past year. mike lee, one of the most conservative members has been talking about using the tax credit as the core of what republicans have. see at least two areas there could be talks. credits, we are seeing political messaging more than anything else. host: what are the expectations for how the budget process is going to work on capitol hill? will the senate
: but will a plan that involves more government spending and taxing really get anything done? >>> also will criminals feast on atms come aprilth? find out why your identity may not be safe next time you make a cash withdrawal. we're watching out for you on "the willis report." gerri: our top story, new momentum to put a kill switch on all cell phones. it's a way to permanently that is disable them so they are useless to thieves. congress now taking up the issue. smartphone theft counts for a third of all robberies in the u.s. according to the fcc take a look at these surveillance tapes. phones snatched, people assaulted, beaten for their phones. some victims, even killed, with me now, paul whose daughter meagan was shot and killed for the iphone. with us meagan's sister. they are behind this new effort to make sure no family goes through what they went through. welcome to you both. great to have you here. you're on set with me. i want you to tell me what happened to your sister. >> well, my sister was walking to her car and at the time she was in st. louis. my family lives in chicago.
-murray, it is paid for with spending cut and tax reforms. it is deficit neutral. supporting what the president said in the state of the union, there is a series of programs to create jobs. it lays out $302 billion infrastructure proposal that is paid for with pro-growth tax. it strengthens the manufacture base and supports groundbreaking research to fight disease, protect the environment and develop new technology. it enhances the administration's management efforts to deliver a government that is more efficient and supportive of economic growth. and it will expand opportunity for all-americans. it doubles the maximum value of the earned income tax credit to encourage people to enter the workforce. and makes high quality preschool available to every four year old. and drive workforce training. it will focus on the primary drivers of long term debt and deficits. it builds on the forms of the affordable care act and continues to slow health care cost growth while improving the quality. it will curb tax breaks that benefit the wealthiest. it calls for pro-growth immigration reform. the deficit has bee
a compromise that included spending cuts in exchange for tax revenue. unfortunately, his compromise and the other compromise discussed did not make it through. the committee, in a sense, failed to come to conclusion to propose to the senate and the house a compromise that could be lived. .. >> i want to welcome the senator from pennsylvania senator to me. >> toomey. >> excuse my voice it sounds worse than it is. think you for having me today and for his kind introduction and from universal health services it was allen's idea that i'd be invited to speak with you this morning and i appreciate that but i was a little surprised to be honest because allen knows about my notorious weaknesses with the public speaker and invited me any way. i say notorious for meet -- for be the department of public speaking made clear by only a smile -- of small child. i have three little kids into are not so little but my eldest is a little girl when she was in the second to parade the school had a program where you are invited to come into the class to explain what you do for a living. i stood up in fro
donald's. it will be expanding the earned tax credit. it is the government's largest program targeted as low income americans. >> the earned income tax credit was first introduced by president ford and has been expanded by democrats and republicans alike because it provides an incentive to work. president reagan called it the country's best anti-poverty and jobs creation bill ever to come out of the u.s. congress, and it was a key part of president clinton's welfare to work program. the basic way the earned a tax credit worked is this an eligible worker will earn a tax credit for every dollar he or she makes. a formula determines how much a worker ultimately receives under the program's caps. that amount the worker receives is then applied to taxes. for example, if someone owed $700 in taxes and has a credit of $900 they would get a refund of $200. working families with children currently stand to benefit the most. they qualify for a credit if they earn under 38,000 to $51,000. generally a salary increase the credit lowers. a married couple with two children making $45,000 would be eligible for a credit of
from american tax collectors. it's the stuff of countless spy novels but senators say it it's all too real. $12 billion hidden away in suisse bank accounts, none of it taxed. top creditors of credit suisse accused of helping u.s. customers evade taxes in hidden accounts and overseas shell companies. brady doingen was contrite. >> credit suisse management team regrets deeply despite the industry leading measures we put in place we had suisse bank private bankers who appear to have violated u.s. law. >> doingen blamed a small group, and whoever is to blame, their methods were cloak and dagger. bank statements were slipped into a copy of "sports illustrated" and handed to a client. and in in an airport where clients never had to leave airport ground. after each transaction account statements were immediately shredded. it was all done without filing any u.s. tax. >> the jigs is up. >> senators want client names, but creditors say they're squeezed between u.s. and suisse law. >> you think you're going to be convicted in a suisse court. is the suisse government going to prosecute you if you
tax revenues from aliens hidden overseas. i don't buy their narrative. the american people shouldn't darsha the department of justice mr. cole. i ask you to keep in mind in use already available legal tools at your disposal rather than relying upon the treaty process. so i guess my first question mr. cole is niche or even if the senate ratifies the 2009 protocol to amend the convention between our two countries for the avoidance of double taxation the justice department will be no closer to obtaining information from noncompliant bank accounts close prior to 2009? >> senator that's true. the 2009 treaty only applies to matters and situations after the september 2009 time that it was put into place. >> so basically never certainly in the way we are urging information about noncompliant tank accounts that were close prior to 2009. >> i don't think that's necessarily the case. >> how do you do that then? >> the program we have is going to require that hanks even prior to 2009 go back into 2008 and provide us with the information about accounts that will enable us to make much more eff
suisse today after a senate board accused the bank for helping americans evade millions in taxes. helping hide as as it is from the government. so far the government has learned of 228 account holders. credit suisse agreed to pay a fine for violating u.s. securities laws. mike viqueira on capitol hill, there were sharp exchanges in that senate banking sub committee hearing room today. >> reporter: you're absolutely right because that investigative committee of the united states senate spent a lot of years looking into the swiss banks, sending billions of dollars into secret accounts to try to aprovide paying taxes here in u.s. it appears certain suisse bankers have nothing--james bond has nothing on suisse bankers. >> reporter: it's the stuff of countless spy novels by some senators say it's all too real. as much as $12 billion hidden away in suisse bank accounts. all secret, none of it legal, none of it taxed. top officials of credit suisse, called before a senate panel accused in a congressional report of helping 19,000 u.s. customers evade taxes through hidden accounts and ov
of the most outrageous tax loophole in america. will he actually do it this year? jeanne moos shows us the latest workout trend. >> nice job, nice job. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen. make a my financial priorities appointment today. she loves a lot of it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical
with phil mattingly. he has details on the senate cost offshore tax evasion hearing. what was the primary defense today? >> he was more than willing to acknowledge that a small number of credit suisse bankers went above and beyond to help u.s. citizens of the taxes. senior management was deeply regretful for those actions. they said that they were on a pathway to reforming themselves. they work to try to change that. that was not enough for the senate chairman. take a listen. >> you do not want to be in the purely business that dirty business of helping u.s. clients she on her taxes. it is important if you are really going to the a reform bank that you have got to acknowledge what is clear in our report, the wrongdoing went beyond these mulgrew of rogue bankers. iswhat you see right there the senator nailing the biggest difference. claims that this was just a small number of bankers who were involved. in a report released by the committee, it is a very large number of bankers, as many as 1800, may have been involved. that was not results yet. hear frommittee will top justice department of
to cut taxes to workers who don't have children. >> let's make this a year of action. >> reporter: following his state of the union, president obama is taking action with his 2015 budget, the people who would benefit low wage workers. for years it has only been workers with children who benefited from the earned income tax credit. under the president's proposal that tax break would expand to those without children. he wants to double a childless worker's tax credit to about $1,000 a year, to offset the cost of the new tax break, the president is proposing an end to an old tax break to the wealthy. that move is projected to garner some $60 billion over ten years. the president is also proposing full-time workers with kids get a bigger tax credit to cover child care costs. he wants to make preschool available for all four year olds. and the tax credit for college tuition, he wants to make that permanent. and proposing funding to upgrade aging highway systems across the country. the plan is expected to help 13.5 million americans. erika pitzi, al jazeera. >>> comes up on al jazeera a
not been asked. i will cooperate in any way that i can if i am asked. stuart: have you achieved the tax status that you requested? stuart: you will not be intimidated in this year's midterm elections. >> we are intimidated by these new rules that have come out by the irs. these new rules will shut us down as a tea party group. stuart: really? they are significant enough to shut you down? >> absolutely. from now on, we cannot have debate or candidate forums within 60 days of a general election or 30 days of a primary. we cannot put anything in an e-mail, website, we can no longer do scorecards. this is the heart of what we do. it will jeopardize our tax status. stuart: becky, thank you for joining us. >> thank you for having me on. stuart: let's get to the markets. where are we? ninety-eight minutes. we did get some employment numbers. right now, virtually no movement. the record closes 1873. a couple of stocks that we are watching for you very carefully. we saw a lot of guns. it seems to me that the market is telling people want to buy weapons that can be concealed. >> yes. stuart: you
seeking tax exempt status. this after the inspector general found 298 applications had been singled out for special review including 100% of groups with tea party or patriot in their name, but only 30% of groups with progress or progressive. now republican congressman darrell issa, chair of the powerful house oversight committee wantslern s lerner to testify again wednesday. chairman issa, welcome back. >> thanks for covering what we believe is going to be a good fact finding hearing. >> well, let's talk about that. because when you recalled lois lerner under subpoena to testify again this coming wednesday, her lawyers said you you can call her, but she won't testify or answer any questions, continue to at that time fifttaat that t. >> her attorney indicates how that she will testify. we've been back and forth negotiation. wi believe the evidence we've gathered causes her in her best interests to testify. >> so lowislerner who took the fifth last may will testify before your committee? >> according to her attorney. >> this will be on wednesday? >> it will be on wednesday. >> what change
we'll dig into the president's budget. he's proposing new tax cuts to help with child care costs and support low-income workers. we'll talk to the top house democrat on the budget, congressman chris van hollen, right after the break. but it's our job to find them. the answers. the solutions. the innovations. all waiting to help us build something better. something more amazing. a safer, cleaner, brighter future. at boeing, that's what building something better is all about. ♪ at boeing, that's what building somthoughtful combinations,ut. artfully prepared. fancy feast elegant medleys. inspired dishes like primavera, florentine and tuscany. fancy feast. a medley of love, served daily. yeah? then how'd i get this... [ voice of dennis ] ...safe driving bonus check? every six months without an accident, allstate sends a check. silence. are you in good hands? bulldog: bulldog: [yawn] i just had a dream i was at mattress discounters with tempur-pedic and the largest selection of memory foam mattresses under one roof! icomfort, by serta... optimum, by posturepedic... ahh! comforpedic,
, according to the cbo, of revenue over five years. so it pays for itself. it is not a tax because it, it pays for itself only for those within the national flood insurance program. so if you're not in a flood zone and you don't have flood insurance, this doesn't affect you. but if you are in the flood insurance program and your primary residence you will pay a user fee to pay in the program of $25 a year. very reasonable. that will pay for the program. gerri: i got it tell you, 200 million over five years? that doesn't do anything over4 billion in debt the program is already n how will we pay that off? >> well it is still better than nothing. had we done nothing, there wouldn't be 165 million toward that debt. that is number one. second thing that number is not completely accurate. people don't tell you against the bill, every time there was ever a surplus in the flood insurance program, that surplus was raided and used for the general spending of government. you will always be at somewhat deficit keep raiding any year there is surplus. that is unone of the problems -- gerri: how long has it
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banks in particularly. american tax cheats spent million. >> a report if a senate investigative committee, leers in the making. if you go through the pages james bond has nothing on the swiss banks. some senators say it's too real. as much as $12 billion hidden away. secret and none taxed >> top officials of credit swiss called before a senate panel accused of helping 19,000 u.s. customers evade taxes. in testimony their c.e.o. was contrite. >> the management team regrets despite the leading industry compliant members, we had swiss bank private bankers who may have convened american law. >> he blamed is small group. their methods from cloak and dagger. bank statements were slipped into the pages of sports illustrated, a client where they never left grounds, a remote controlled elevato with no but jobles. and after each traction account statements shredded. >> the jig is up. >> senators want client names. bank officials say they are squeezed. >> do you think you'll be convicted in a swiss court. will the swiss government convict you if you comply with the laws. will you be prosec
had pushed infrastructure in 2009 instead of the failed obamacare. plan includes closing tax loopholes to help pay for projects. this is what they report in "wall street journal." lands to improve roads, bridges, and tunnels received a laid as president obama out a proposal for infrastructure upgrades, paid for by unspecified changes to the tax code. the question of how to pay for the work remains sticky. numbers of both parties have pointed to tax code changes as a financing source. the speaker of the house said we have to find funding mechanisms to fund our infrastructure needs. the hunt has been on for the last year to find the funding source. i wish i could report that we had found it, but we haven't. he also said that he and mr. obama discussed the country's infrastructure problems, but did not come to an agreement. mr. camp would raise money through a one-time tax on corporate overseas profits as part of a transition to a new international tax system. here is dave camp talking about his tax reform proposal. [video clip] >> we must enact real, meaningful tax reform. i am releasing
someone, he actually reformed the tax policy -- and i look a little pink. should i consider spray tanning? this is "bloomberg surveillance ." live from world headquarters in new york. friday before the oscars on sunday. scarlet fu can barely contain herself. joining me are scarlet fu and adam johnson. >> i've got to go by the chips and dip. >> the only problem is you have to be up at 2:00 a.m. monday morning. time for the morning brief. what happened overnight. ecb president mario draghi said policymakers are committed to defending the euro area against inflation. this was in a speech late yesterday in frankfurt. in the u.k., home prices rose as the property market got a boost from low borrowing costs and easier access to mortgages. in italy, the unemployment rate rose to a record high in january. shifting over to japan, industrial production grew the most since 2011 indicating the economy is strengthening. jumble. of data but a all thisrning we got data. starting at 8:30 a.m., gdp. at gdp so look we get in theory they refined any little bit. also, personal consumption -- consumpt
of conservative groups seeking tax exempt status. this after the treasury department found 298 applications had been singled out for special review including 100% of groups with tea party or patriot in their name but only 30% of groups with progress or progressive. now republican congressman darrell issa, chair of the house oversight committee wants lernor to testify again wednesday based on new information he has. chairman, welcome back to "fox news sunday." >> thanks for having me back and for covering what we believe is going to be a good fact finding hearing. >> all right. let's talk about that. when you recall low he ed lois o testify, her lawyers said can you call her but she is not going to answer any questions. i understand you have late breaking news. >> we do. her attorney indicates now that she will testify. we've had a back and forth negotiation. but quite frankly, we believe that evidence that we've gathered causes her in her best interest to be summoned to testify. >> lois lernor will testify before your committee? >> according to her attorney. >> this will be on wednesday? >> wed
argued that the task code -- tax code is riddled with complicate loopholes that make it harder to invest here and encourage companies to keep profits abroad. last summer i offered a proposed -- proposal to couple business tax reform with critical investments in infrastructure. this budget includes that proposal using the transition revenue that will result from a shift to a simpler, more efficient tax code to create rebounding -- jobs rebounding, our roads and bridges and unclogging our communities. because in today's global conomy, first class jobs dwravetate to first class infrastructure -- gravitate to first class infrastructure and at times this budget lays out how mied a strailings will continue to act it cut red tape and stream line the permitting process for key projects so we can get more construction workers on the jobs as fast as possible. also have the chance right now to beat other countries in the race for the next wave of high-tech manufacturing jobs. my administration has already launched four hubs of high-tech manufacturing where we connect to businesses to research unive
and railroads and mass transit. it provides more money for job training and preschool and it expands tax credits for an estimated 13.5 million low-income workers and it increases taxes more than $650 billion on higher-income americans and it adds $56 billion in fees for big banks. there are also tax increases for tobacco products and airline passengers. the president's plan in print form arrived up on capitol hill this morning -- this morning. congress prefers to do the budgeting itself, so it's not like whatever the president sent would be accepted but it can be seen as a starting point in the debate over the nation's spending priorities, yet rather than a lot of new ideas in these budget books, critics suggest it's more of the same. the republicans say the president's 2015 budget spends, borrows, and taxes too much, neil? >> michael, thank you. it is ironic right now that all of this is going down on fat tuesday, good reason to party in new orleans, maybe, but minnesota republican congresswoman michele bachmann says no reason to celebrate in washington, so congressman, the bottom line is the p
, totaling almost $4 trillion. it includes new tax hikes to offset additional spending for education and job-training. but republicans say it does nothing to address the nation's fiscal challenges. we'll discuss its approach to helping low income americans, later in the program. israeli prime minister benjamin netanyahu is warning the u.s. and the world against letting iran go ahead with any part of its nuclear program: he spoke in washington, a day after meeting with president obama. >> the leading powers of the world are talking about leaving iran with the capability to enrich uranium. i hope they don't do that because that would be a grave error. it would leave iran as a threshold nuclear power. >> woodruff: netanyahu also said that far from easing sanctions on iran, the world should increase them. he also urged the palestinians to recognize israel as a jewish state, if they really want peace. the process of removing syria's chemical weapons is picking up pace. the dutch diplomat overseeing the operation said today the assad regime has handed over six shipments of toxic agents. she spoke
anything about it. well the same could be said about tax reform. everybody talks about it but no one does anything about it and for good reason. virtually every proposal put on the table gets just sliced to pieces by those who claim they want reform but it truly want only to protect their own tax status. congressman dave camp 067 michigan presented this tax reform proposal this week that immediately had some conservatives and some liberals all aflitter with criticism. the chairman's plan would simplify the tax code and make it so that 95% of passenger pairs would be able to do a short term tax form. it would lower rates but in exchange it would end some current deductions. most conservatives like to lower rates wu not ending the deductions. some have even condemned the plan for not having spending cuts. but let's be fair, the ways and means kmee that congressman camp chairs doesn't handle spending. the appropriations committee does that. his committee's responsibility isn't how to decide how to spend the money, just figure out how to get the money that we spend. personally i still prefer
in congress or pay federal income tax. it has taken a backseat to the crisis front and center and puerto rico is in trouble and many that can are leaving. it has been nearly five years since making the leap of her life from puerto rico to virginia. >> i was a graphic design professional on the island. i had an apartment. my family close by and clients and so forth. >> today she owns a flooring company with her husband. she says a drying up economy left them no choice but to leave. >> we could see criminality was rising and the buildings were run down. >> one of the thousands educated puerto ricoians that left the island for work. >> in a lot of the businesses in the main avenues a lot of homes for sale. these are like in very nice neighborhoods and stay for sale for a long time and you see the grass growing and the trees and all of a sudden it is like the property is abandoned and this is it, either i move or i'm going to lose what i have here. >> for aech -- each of the for sale signs, junk status. that is the debt equal to more than 90% of the island's gross domestic product and the per cap
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